All Forum Posts by: James Ward

Great point Ralph! We will continue to find people that feel what Investors are doing is wrong. But once you spend the time to explain and they actually open thier minds, you will usually find that they then will agree what you are doing is right.

But, you MUST be able to show how you are performing and show how you disclose everything to everyone.

The major problem with BPO's, is the lack of desire to get good information. There are several factors that come into play with BPO's.

As for your ability to justify your offers, you might have to pay for an appraisal. If needed, this might assist in moving your Short Sale forward.

But, be prepared to JUSTIFY your offers. And I agree totally with Scott.

Items to make sure are in your Purchase Agreement:
1) Right to resell the property immediately.
2) Right to market the property.
3) Fully releasing liens.
4) No deficiency (If applicible).

This is a great start! Hope it helps.

Penny Mac is like most other servicers. They will attempt to squeeze as much $ as possible.

As for the "mod", they will attempt to place the property owner in the HAFA program. Make sure that you educate the property owner about the program.

K,
To answer your question about a person in foreclosure gathering the requested "paperwork" is as follows. Most people in this situation have lost the desire to put forth effort into this situation. Most realize that they have "lost" the property, so why keep putting forth efforts for "nothing." Whether you agree with this or not, this is the reality of the situation. Also you will find lots are "poor" keepers of financial records.

Next, Bank of New York, is like many other Lenders. They are completely overwhelmed with the amounts of properties that are in default, and a serious lack of qualified negotiators. So, this could take months. Yes, months!

Do not look at this on the scale of your offer compared to what is owed. This is NOT how the Lender will be looking at the situation. The Lender will be looking at: market value, cost of foreclosure, holding costs, selling costs, and a few other items. So, your offer needs to be based on the current market value minus any items you feel will decrease the value.

If you have further questions, post then here and we will attempt to supply you with answers.

Congratulations Charles!

Okay, it was expressed to me that it would be a great move forward for us to use Windows 7. Now that we have it, I really do not see anything that is different. Well, things look different, but no big changes that I see.

So, does anyone else use Windows 7? What do you think? ANy tips/ tricks?

And, if you don't like Windows 7, also let me know.

Thanks,
James

The upgrades look GREAT!

Sam is right. This is the same story that is being used over and over again.

Bill,

I wish I had the opportunity to go to the Lender. But since I am in Florida and I was calling a Lender in New York, I can not just down to talk.

I usually have several numbers to call into the Lenders that we deal with, but this situation was a little different. I could only get this info by calling a genralized 866 number.

I like the advice of trying different numbers. I would have never thought of that. But, it is a company policy here that everyone MUST document all phone numbers and email addresses for the Lenders and negotiators that we come accross.